Gemini Plans US IPO, Offering 16.6 Million Shares at $17-$19 Each
Crypto exchange Gemini, founded by the Winklevoss twins, has detailed its US IPO plan, aiming for a valuation of $2.2 billion.
IPO Details
- Gemini plans to offer 16,666,667 shares of Class A common stock.
- Shares are priced between $17 and $19 each, targeting up to $317 million in total proceeds.
- The exchange seeks to list on Nasdaq under the ticker symbol GEMI.
- If successful, Gemini would become the third publicly traded digital asset exchange in the US.
Banking Partners
- Goldman Sachs & Co. LLC and Citigroup will serve as lead bookrunners.
- Morgan Stanley and Cantor will act as co-lead bookrunners.
Financial Performance
- Gemini reported a net loss of $282.5 million on $68.6 million in revenue for the first half of the year.
- The firm offers various services including cryptocurrency trading, a USD-backed stablecoin, staking, custody, and credit card rewards in crypto.